More steps forward in a key year for the EU ESG Rating Regulation: processes for fees and fines

We are now in the go-live year for the EU's ESG Rating Regulation (ERR):

The European Commission has now published two draft Delegated Regulations which supplement the ERR. 

These focus on fees charged to, and fines and penalty payments imposed on, ESG rating providers by ESMA.

• The first draft Delegated Regulation deals with the supervisory fees to be charged by ESMA to ESG rating providers. It describes the types of fees, the matters for which they are due, the amounts, justifications and payment methods, as required under Article 42(2) of the ERR.
• The second draft Delegated Regulation sets out the procedural framework for ESMA to impose fines and periodic penalty payments on ESG rating providers. It specifies rules on rights of defence, conduct of infringement proceedings, access to files by persons to whom a statement of findings has been sent, limitation periods and the collection of fines, pursuant to Article 39(9) of the ERR. 

Timing and next steps

The deadline for feedback on both draft Delegated Regulations is 13 February 2026. 

The European Commission expects to adopt both Delegated Regulations during Q1 2026.